Sasbadi Annual Report 2020

117 ANNUAL REPORT 2020 FINANCIAL STATEMENTS (continued) 20. Revenue (continued) 20.1 Nature of goods and services The following information reflects the typical transactions of the Group: Nature of goods or services Timing of recognition or method used to recognise revenue Significant payment terms Variable element in consideration Obligation for returns or refunds Warranty Sale of printed books, distribution of applied learning products and trading of paper Revenue is recognised at a point in time when the goods are delivered and accepted by the customers at their premises. Credit period of 90 days or 120 days from invoice date. Early settlement rebates are given to customers for payment received within credit period. The Group allows returns through exchange of goods or cash refund. Assurance warranties of 24 months given for government contracts and 12 months for electronic parts of certain products. Sale of online/digital educational material Revenue is recognised over time as the customer simultaneously receives and consumes the benefits provided as the Group performs. Not applicable. Performance bonus classified as personal sales bonus and group network sales bonus are given to distributors for sales made to customers. The Group allows returns through exchange of goods or cash refund. Assurance warranties of 30 days from date of purchase given to customers.